“Brazil Diagnostic Imaging Market is expected to grow at a CAGR of 5.75% during the forecast period (2021-2028)”.
Diagnostic imaging is a medical technique of non-invasive imaging tests for diagnosing and monitoring diseases or injuries by getting visual images of internal structures and organs of the patient’s body. Diagnostic imaging technologies are used extensively by doctors to examine and diagnose the exact medical conditions of patients. Diagnostic imaging is helpful in identifying cardiac abnormalities, broken bones, aneurysms, gastrointestinal issues, and various types of cancer. Diagnostic imaging is also used to monitor how the patient’s body responds to the treatment being given. Diagnostic imaging diagnoses disease in its early stage, and greatly improve patient’s survival outcomes. It is a painless technique and offers a rapid diagnosis. The medical imaging industry has been revolutionized from bed-side monitoring to high-end digital scanning.
According to the World Health Organization (WHO), in Brazil, around 72% of all deaths every year are due to chronic diseases. According to a study published in The Lancet, Brazil is burdened with chronic non-communicable diseases, neuropsychiatric disorders are the single largest contributor to the chronic disease burden in Brazil, with an estimated 10 to 20% of people have had depression at some stage.
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The major drivers fueling the growth of the market are growing geriatric population, increasing prevalence of chronic diseases, technological advancement, and increase in funds and grants by government bodies.
There is a dramatic rise in the elderly population in Brazil, according to WHO, in 1920, life expectancy was only 35.2 years in Brazil, and the elderly accounted for just 4% of the total population of the country. In 2016, about 8.25 percent of Brazil’s total population were aged 65 or more than that.
Health care in Brazil is funded by the Brazilian Government. The Ministry of Health (Ministério da Saúde) is responsible for public health services, government hospitals and medical services. Around 70% of Brazilian residents use public hospitals, while the rest opt for private hospital visits, which they either pay for themselves or which are covered by private medical insurance. In 2009, the Union, states and municipalities allocated around $ 39 billion to SUS (Brazil’s publicly funded healthcare system), while the private network contributed approximately $ 45 billion.
The shortage of trained radiologists and the high cost of the diagnostic imaging system are going to restrain the market in the forecast period.
According to the World Bank, in 2014, there were about 9,700 board-certified radiologists in Brazil, which is inadequate for a country with 206 million inhabitants and an aging population.
Functional near Infrared Spectroscopy
Middle East & Africa
Some of the major key players in the market are GE Healthcare, Bayer HealthCare AG, Hologic Inc., Toshiba Medical Systems Corporation, Shimadzu Corporation, Siemens Limited, Philips Healthcare, Bracco Imaging SpA, and Fujifilm Holdings Corporation.
The Diagnostic Imaging market is a concentrated market with the dominance of five major companies. The vendors are increasingly focusing on implementing inorganic growth strategies to expand their presence in the market. The market is competitive with the presence of big well-established firms and several new and small firms that have similar product offerings. Intense competition among the companies has resulted in an increase in price wars among the companies.
In Mar 2018, at the American College of Cardiology’s (ACC) 67th Annual Scientific Session, Siemens Healthineers launched its new portable cardiovascular ultrasound solution, the Acuson Bonsai.
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